According to the most recent industry analysis conducted by Future Market Insights, the Global Cardiac Ambulatory Monitoring Market was valued at approximately US$ 13.3 Billion in 2021. Projections indicate a robust growth rate of 5.2% over the forecast years, with an expected market valuation of US$ 21.6 Billion by 2032.
The expansion of the global market for cardiac ambulatory monitoring devices is primarily attributed to the escalating prevalence of heart-related issues. This surge is driven by several factors, including rising rates of obesity, diabetes mellitus, smoking, elevated blood cholesterol levels, hypertension, and the adoption of unhealthy lifestyles.
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During the projected period, the global market is anticipated to be driven by the steadily rising use of cardiac ambulatory monitoring devices for the treatment of cardiac arrhythmia and other cardiac disorders. Cardiac ambulatory monitors can be used both inside and externally. For instance, implantable loop recorders with a three-year battery life can be placed transdermal. As a result, the electrical activity of the heart is continuously monitored.
Due to the rapid advancement of technology, rising rates of cardiovascular disorders around the world, and an aging population, the market for cardiac ambulatory monitoring is growing at a rapid rate. The market for cardiac ambulatory monitoring devices is anticipated to grow significantly over the next few years as a result of improvements in technology and innovations in cardiac ambulatory monitoring devices.
As cardiac ambulatory monitoring devices are not reaching the customer at their full potential due to associated side effects and the pricey nature of the devices, companies are introducing portable cardiac ambulatory monitoring devices at reasonable costs, and this might significantly improve the usability and adoption of cardiac ambulatory monitoring devices.
Manufacturers releasing products like portable/wearable gadgets with cutting-edge features like Bluetooth connectivity, integral ECG monitors, fitness trackers, and other numerous functions, will help in growing sales of the devices, as a result, the cardiac ambulatory monitoring market will expand during the forecast period.
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Key Takeaways from Market Study
- ECG devices are the leading segment as a product and hold approximately 42.2% market share in 2021. Owing to their lower pricing, these devices can also be utilized in medical operations, along with a variety of other cardiac diagnostic tests, telemetry monitoring equipment, and other tools.
- Hospitals are the leading segment as end users, and held about 35.0% market share in 2021, due to the rising incidence of CVDs, the rising number of hospital visits, and the rising number of cardiac device implantation procedures.
- By region, North America is leading the global cardiac ambulatory monitoring market and is expected to continue to do so with a projected CAGR of 4.4% during the forecasted years.
- The region of Europe is slated to be the second dominant segment in terms of growth, holding a market share of around 25.6% in the global cardiac ambulatory monitoring market, in 2021.
“Rising initiatives to promote a healthy lifestyle, as well as the increasing awareness about the cardiac monitoring devices is set to propel the sales of cardiac ambulatory monitoring devices across the globe,” says an analyst of Future Market Insights.
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Market Competition
Major manufacturers concentrate on a range of strategic goals, including regional growth, product development, and strategic alliances and partnerships. For quick and simple diagnosis, new portable monitoring devices are being introduced for heart activity monitoring.
- Boston Scientific Corporation stated in January 2021 that it has acquired Preventice Solutions Inc. to provide ambulatory cardiac monitors (including short- and long-term Holter monitors), cardiac event monitors, and MCT.
- In order to increase the production of AEDs for cardiac monitoring and provide related services and accessories, ZOLL Medical Corporation announced in August 2019 that it has acquired Cardiac Science Corporation.
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